ArcelorMittal Halts Kryvyi Rih Operations After Missile Strikes; $1B Impairment Expected

ArcelorMittal announced it is unable to safely and sustainably restart operations at its ArcelorMittal Kryvyi Rih subsidiary in Ukraine following multiple recent missile strikes. The plant has been targeted by four missile strikes over the past five weeks, resulting in five fatalities and 17 injuries among employees. The company is discussing the future of the plant with the Government of Ukraine and expects to record a non-cash impairment charge of approximately US$1 billion. ArcelorMittal has provided over US$700 million to the subsidiary since the start of the war.